Hockey term used by the boys when theyre out wheeling for the night. Usually occurs when the boys have a reason to grant the first shot at her to someone in particular on the team. ie - birthday, long cold streak, etc. Relates to hockey in that a penalty shot is a free shot at the goalie with no defenders against you or in this case the hottie at the bar.

Player 1 - "Hey boys see that broadski down the bar there?"
Player 2 - "Yeah bro shes a dime. But since its Johnnys birthday well give him a penalty shot."

A “penalty shot” involves you drinking more beer after losing in a beer drinking contest, bet, or on a crazy Japanese game show.

My friend had to endure a round of penalty shots after he failed to jump through the moving puzzle in his Hello Kitty costume on a Japanese game show and was tossed in the waters below. Afterwards, he was deader than a doornail and mistook me for grandpa while hiccuping and singing his ABC's. Well, at least now we know that when you drink too much booze, you lose.